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NZDUSD Analysis – August 21
NZDUSD bears close their short positions towards the demand zone at 0.6060. The current trend in the market is bearish as prices make lower lows and higher lows. This bearish movement on the daily timeframe began after the change in the market environment on the 8th of April, 2022.
NZDUSD Major Zones
Demand Zones: 0.6060, 0.5900
Supply Zones: 0.6570, 0.7040
NZDUSD Long-term Trend: Bearish
The supply zone of 0.7040 rejected the price down on the 5th of April to form the local high of the market, which led to the change in the market environment on the daily timeframe. This local high, formed on the 5th of April, marked the end of the uptrend which began on the 28th of January, 2022. The NZDUSD has since then remained bearish as the price falls towards the demand zone at 0.6060. The change in orientation of the Simple Moving Average (SMA) from the bullish confirmation on the 17th of March, 2022 to the bearish confirmation on the 6th of April further confirmed the change in the NZDUSD environment on the daily timeframe.
An order block was formed as the market purged downward in its first impulsive wave on the daily timeframe. This order block was the reason behind the breakout of the previous demand zone at 0.6570. The order block is projected to cause a price reaction as the NZDUSD rallies upward in the future. The previous support at 0.6570 was retested twice to further the downtrend until NZDUSD hit the demand zone at 0.6060. After the price hit the demand zone, the bulls drove prices upward till the liquidity above the high formed on the 16th of June got taken and the bears resumed the market trend to the downside.
NZDUSD Short-term Trend – Bearish
The bearish reaction of the market at the four-hour trendline resulted in a change in character on the four-hour timeframe, further lowering the market. The 0.6060 demand zone is expected to serve as the take-profit zone for the bears. From this zone, NZDUSD is expected to reverse to the upside.
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